Changes in the Law That Take Effect for LLC’s in California
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On January 1, 2014, the California Revised Uniform Limited Liability Company Act (the RULLCA) will take effect. The RULLCA (new LLC law) replaces the Beverly-Killea Limited Liability Company Act, California’s current law governing limited liability companies.
The RULLCA was crafted based on the Revised Uniform Limited Liability Company Act (the Uniform Act), which was first promulgated by the National Conference of Commissioners on Uniform State Laws in 2006. The purpose of the Uniform Act is to bring consistency to the rules and procedures among states to make it easier for LLCs to operate in multiple states.
I have always been a big proponent of Operating Agreements and the absolute need for legal counsel in order to bring this new law into perspective no matter the state of choice. Take a long peak at this interesting article emphasizing the interaction between agreements and amendments to those agreements going forward. http://www.lexology.com/library/detail.aspx?g=a2ec9555-6d21-41a1-8868-5442deec0caa